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Monday May 20th, 2019 5:04AM

The Latest: Pakistan's Khan hails China cooperation progress

By The Associated Press
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BEIJING (AP) — The Latest on China's Belt and Road infrastructure building conference. (all times local):

12:20 p.m.

Pakistan's Prime Minister Imran Khan is hailing "substantial progress" in the China-Pakistan Economic Corridor, a key element in China's Belt and Road infrastructure initiative.

Addressing the Beijing forum on Friday, Khan said Pakistan's electricity supplies had increased "massively" under the plan.

He said Pakistan was looking forward to the project, known as CPEC, moving into its next phase focusing on "social uplift," poverty alleviation, agriculture and industry, including the opening of special economic zones.

He said Pakistan also wants to sign an expanded free trade agreement with China.

He said relations between the two countries are "strong, resilient, unbreakable."

Financially troubled Pakistan has borrowed billions of dollars from China in recent years through loans whose terms remain largely undisclosed.

China has pledged more than $60 billion to Pakistan in loans and investments for roads, ports, power plants and industrial parks.

11:45 a.m.

Malaysian Prime Minister says he is "fully in support" of China's Belt and Road initiative, after his government decided to resume a China-backed rail link project once the Chinese contractor agreed to cut the cost by one-third.

Addressing the second Belt and Road Forum in Beijing on Friday, Mahathir sought to erase doubts about Malaysia's desire to take part in the massive infrastructure juggernaut.

"I am fully in support of the Belt and Road initiative," Mahathir said. "I am sure my country, Malaysia, will benefit from the project."

Mahathir devoted much of his address to the need to confront environmental and law enforcement challenges created by global trade, particularly the burden on countries

Mahathir's decision to suspend the project after his election last May put a strain on ties with Beijing.

___

11:00 a.m.

President Xi Jinping has promised to promote high financial standards for China's Belt and Road infrastructure-building initiative as Beijing tries to dispel complaints the multibillion-dollar project leaves developing countries with too much debt.

Xi avoided mentioning debt complaints in a speech Friday at the opening of a forum to celebrate his signature foreign initiative. But he said Beijing wants "open, green and clean cooperation" with "zero tolerance for corruption."

Developing countries welcome the initiative to expand trade by building roads, ports and other facilities across Asia and Africa to Europe. But high costs have prompted complaints some are falling into a "debt trap."

Chinese officials reject such complaints and issued guidelines this week for assessing debt risks to Belt and Road borrowers.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy
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